Greek exports rise to record 24.5 bln euros in 2012

The value of Greek exports surpassed 24 billion euros in 2012, a record year for the Greek economy, although a strengthened euro currency exchange rate against the US dollar undermined Greek exports to the European Union, the Panhellenic Federation of Exporters said on Monday.

In its statement, however, the Federation stressed that the European Commission recently predicted that Greek exports will rise by 2.7 pct in 2013.

Christina Sakellaridi, president of the Federation, said in the statement, “The engine of the Greek economy, export-going business activity, managed to move forward rapidly in the last three years, offering spectacular results with clear positive effect on the economy such as capital inflows, higher taxes and contributions, maintaining or creating new job positions amid a devastating recession. But the industry is meeting additional hurdles in its way. A recession in Europe and increased euro exchange rate against the US dollar are limiting its dynamism and the recovery possibilities of the Greek economy. It is imperative to take urgent action to support exporters in fundamental ways, otherwise new forecasts for an even deeper recession in Greece this year could be revised downwards.”

The Federation, in an analysis of Hellenic Statistical Authority (ELSTAT) figures on trade transactions, said that the value of exports – excluding oils - fell to 1.295 billion euros in December, from 1.524 billion euros in December 2011, for a decline of 15 pct – the worst performance for a December in the last three years. Overall, the value of exports – excluding oils - rose to 17.004 billion euros last year, from 16.183 billion euros in 2011, an increase of 4.1 pct, while with oils included the value of exports totaled 24.5 billion euros in 2012, accounting for 12.3 pct of the country’s Gross Domestic Product.

Exports to EU states fell 1.7 pct last year, while exports to third countries jumped 17.8 pct, with the EU absorbing 60.85 pct of Greek exports and third countries the remaining at 39.15 pct. The report said that any further appreciation of the euro would further hit Greek products’ competitiveness to third countries this year. The Federation said that exports to third countries fell 20.6 pct in December, while exports to the EU fell by 11 pct in the same month.

The value of imports –excluding oils- totaled 2.384 billion euros in December, from 2.359 billion euros in December 2011, for an increase of 1.1 pct. In the 12-month period, from January to December 2012, the value of imports – excluding oils - fell 6.0 pct to 30.201 billion euros.

The country’s trade deficit – excluding oils - dropped 17.2 pct last year to 13.197 billion euros from 15.944 billion euros in 2011.